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Author Topic: Ethereum Reduces Block Reward | ETH GPU Mining Will No Longer Be Profitable  (Read 8688 times)
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September 09, 2018, 03:04:46 AM
Merited by CjMapope (3)
 #1

While I was trying to enjoy my trip to Christopher Newport University I was saddened with the official confirmation that Ethereum developers simply do not care for their GPU mining community.

https://www.youtube.com/watch?v=Wlu8UG8CPIE


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In the recent Ethereum developers livestream by the Ethereum Foundation it was officially confirmed that the ETH mining block reward will be reduced from 3 Ether to 2 Ether in their hopes to curb inflation and appeal their investors / stakeholders.

With clear disinterest from the Ethereum team of developers to work on a new mining algorithm and their continued focus of developing their PoS Proof of Stake model.There is an extremely low probability of ETH adopting a new PoW Proof of Work algorithm especially one that is best for GPU mining such as ProgPOW.

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September 09, 2018, 03:17:42 AM
 #2

This decision has made me despise eth, i'm enjoying shorting it hope it burns.  

I'm not too knowable on the tech behind eth but wouldn't it make sense to make scale better then be fixated on POS and screwing miners?  The least they should do is change the algo and kick off the asics.
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September 09, 2018, 03:57:34 AM
Merited by jillscarbrough (1)
 #3

Bitcoin does that normally but no one complains, the Block reward halves in every 210,000 blocks.
From 50BTC to 25BTC (from start to early stages) and the recently 12.5BTC reward didn't have a lot of "disinterest" issues to the miners.

However, Bitcoin miners are mostly ASIC farms versus Ethereum is mostly consists of GPU mining pools.
We'll see after the implementation but in my opinion, this reward reduction will not cause any major downside to the Ethereum community.
ETH miners will simply... 'disgusted' but will never quit.

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September 09, 2018, 04:48:32 AM
 #4

too all the Eth gpu miners.  You miners are like the most annoying.  You guys don't take no for an answer.  Like constantly pestering a chick. No means no.

Leave Eth alone and go find some other coin to mine.
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September 09, 2018, 04:59:38 AM
 #5

Bitcoin does that normally but no one complains, the Block reward halves in every 210,000 blocks.
From 50BTC to 25BTC (from start to early stages) and the recently 12.5BTC reward didn't have a lot of "disinterest" issues to the miners.

However, Bitcoin miners are mostly ASIC farms versus Ethereum is mostly consists of GPU mining pools.
We'll see after the implementation but in my opinion, this reward reduction will not cause any major downside to the Ethereum community.
ETH miners will simply... 'disgusted' but will never quit.

It is hard to directly compare mining Bitcoin to Ethereum, as while it it true that the BTC block reward halves every 210,000 blocks at least every BTC in existence was mined by miners. Ethereum started out with around 72 million coins and has since added 30 million more through mining.

So while further ETH block reward reductions will indeed limit inflation, it cannot be compared to Bitcoin's situation as only a bit less than a third of the Ethereum in existence came from direct mining. So it really comes as no surprise that Ethereum does not really care about mining as most of the investment in the coin came from private hands versus Bitcoin's more open and public approach.
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September 09, 2018, 05:13:25 AM
Merited by xxcsu (1)
 #6

In the recent Ethereum developers livestream by the Ethereum Foundation it was officially confirmed that the ETH mining block reward will be reduced from 3 Ether to 2 Ether in their hopes to curb inflation and appeal their investors / stakeholders.
They also agreed upon disabling/postponing the difficulty bomb by 12 months, so that will bring the difficulty very low, and ETH payouts for miners will actually GO UP once both these changes come into effect.

Quote
With clear disinterest from the Ethereum team of developers to work on a new mining algorithm and their continued focus of developing their PoS Proof of Stake model.There is an extremely low probability of ETH adopting a new PoW Proof of Work algorithm especially one that is best for GPU mining such as ProgPOW.
ETH has ALWAYS stated their goal of moving to POS as soon as possible, its just delays that have kept them on POW. ProgPOW has not been demonstrated to work in an actual live network yet so that is an academic example at best. They could also look at parameter changes to the existing Ethash algo instead (similar to whats being done to equihash for GRIN), but the E3 miners could just get a bios update to adopt.
A significant change in algorithm needs a lot of work to make sure all miners/pools/wallets are still compatible. I do however agree that this work is needed for continued stability of the network and sticking true to their claim of being a ASIC Resistant network. If you dont make an effort to stay true to your single biggest claim, why would anyone believe ANYTHING that comes out of the ethereum foundation. The network would have been nothing without the GPU miners - wouldnt even have gotten off the ground, and they need to disable the ASIC's.
I fear it may already be too late for the network as with the continued price crashes most GPU miners will be turning off their systems, and the network will be at the mercy of ASICs. The next month or so would be critical for not just GPU miners or the Eth token, but the future of the Ethereum network.

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September 09, 2018, 06:39:34 AM
Merited by suchmoon (4), Metroid (1)
 #7

For those sitting on hardware bought in 2016 or early 2017 this is not a big deal. It just cuts down on the eth inflation.

For all those new adopters who ran to mining and bought rigs financed at 21% APR on a credit card this is the death blow. The ETH hashrate only dropped about 10TH/s today. It needs to drop another 80 or so to reach equilibrium with the new emission rate.

This is just like LTC crashing from $50 to $4 back in 2014. It took 3 years to recover from that.

This recovery should be faster, but I see the first 1/2 of 2019 being in the red.

Bye bye moon lambo dreams. Chikun has crashed.

VOSK - I dumped most of my farm early this year. I am working hard to acquire more capitol to outright buy crypto when the times presents itself (probably Thansgiving or Christmas time).
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September 09, 2018, 08:59:29 AM
Last edit: September 09, 2018, 09:27:56 AM by d57heinz
 #8

Sucks when you help to build up a system then get fired for no reason other than they have to appeal to the investors. Bitcoin seems no different. Efficiency pushes mining to the cheapest power locations thus removing decentralization.  I’m seeing some hope with grin and progpow but honestly unless we have equal power costs across the world this is a major hurdle for decentralization. I don’t see any solution to this as of yet. So we have to continue to turn our heads to the fact that crypto is a centralizing failure.

BR

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September 09, 2018, 09:11:25 AM
 #9

Bitcoin does that normally but no one complains, the Block reward halves in every 210,000 blocks.
From 50BTC to 25BTC (from start to early stages) and the recently 12.5BTC reward didn't have a lot of "disinterest" issues to the miners.

However, Bitcoin miners are mostly ASIC farms versus Ethereum is mostly consists of GPU mining pools.
We'll see after the implementation but in my opinion, this reward reduction will not cause any major downside to the Ethereum community.
ETH miners will simply... 'disgusted' but will never quit.

Trust me we are shutting down.  Wait and see how much is actually ASICS on this network.  They have been secretly mining with them for quite some time.  I’m mean who the hell still mines bitcoin with gpu?  Yes let’s go back and look at threads and see how everyone took the asic news when they could mine btc with mere 280x.  I’m certain they were up in arms as well.  Then to add salt to wound most got scammed by companies that never produced asic or was basically a door stopper before they got it.  Do you see the general pattern for crypto. You get in and end up coming out broken.  Broke etc.  this is a disaster and we all know it. I’ve said it before it’s like a train wreck hard to look away once it starts.  What a mess this has become!

BR

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September 09, 2018, 09:37:09 AM
 #10

For those sitting on hardware bought in 2016 or early 2017 this is not a big deal. It just cuts down on the eth inflation.

For all those new adopters who ran to mining and bought rigs financed at 21% APR on a credit card this is the death blow. The ETH hashrate only dropped about 10TH/s today. It needs to drop another 80 or so to reach equilibrium with the new emission rate.

This is just like LTC crashing from $50 to $4 back in 2014. It took 3 years to recover from that.

This recovery should be faster, but I see the first 1/2 of 2019 being in the red.

Bye bye moon lambo dreams. Chikun has crashed.

VOSK - I dumped most of my farm early this year. I am working hard to acquire more capitol to outright buy crypto when the times presents itself (probably Thansgiving or Christmas time).

So true, that is a good example. I myself think, eth will recovery very fast and will double triple the price over night when the time comes, too many people are holding money for that moment but i do think the best time to buy is right now  and once that is done then you trolls will never see eth at $200 levels ever again.

Bitcoin does that normally but no one complains, the Block reward halves in every 210,000 blocks.
From 50BTC to 25BTC (from start to early stages) and the recently 12.5BTC reward didn't have a lot of "disinterest" issues to the miners.

However, Bitcoin miners are mostly ASIC farms versus Ethereum is mostly consists of GPU mining pools.
We'll see after the implementation but in my opinion, this reward reduction will not cause any major downside to the Ethereum community.
ETH miners will simply... 'disgusted' but will never quit.

It is hard to directly compare mining Bitcoin to Ethereum, as while it it true that the BTC block reward halves every 210,000 blocks at least every BTC in existence was mined by miners. Ethereum started out with around 72 million coins and has since added 30 million more through mining.

So while further ETH block reward reductions will indeed limit inflation, it cannot be compared to Bitcoin's situation as only a bit less than a third of the Ethereum in existence came from direct mining. So it really comes as no surprise that Ethereum does not really care about mining as most of the investment in the coin came from private hands versus Bitcoin's more open and public approach.

That is one of the reason why eth has to keep their investors happy, they are the ones holding the most eth, the ones crashing eth right now are the unhappy miners.

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September 09, 2018, 10:24:32 AM
 #11

can you do a review about bitcoin interest? its the first coin to implement ProgPOW  https://twitter.com/btcinterest which she also stated in the live interview that FPGA wont do much about ProgPOW.
Also ohgodagirl is part of the BCI team, but since it just recently forked the algo exchanges are still not accepting deposits.
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September 09, 2018, 11:53:19 AM
 #12

For those sitting on hardware bought in 2016 or early 2017 this is not a big deal. It just cuts down on the eth inflation.

For all those new adopters who ran to mining and bought rigs financed at 21% APR on a credit card this is the death blow. The ETH hashrate only dropped about 10TH/s today. It needs to drop another 80 or so to reach equilibrium with the new emission rate.

This is just like LTC crashing from $50 to $4 back in 2014. It took 3 years to recover from that.

This recovery should be faster, but I see the first 1/2 of 2019 being in the red.

Bye bye moon lambo dreams. Chikun has crashed.

VOSK - I dumped most of my farm early this year. I am working hard to acquire more capitol to outright buy crypto when the times presents itself (probably Thansgiving or Christmas time).

So true, that is a good example. I myself think, eth will recovery very fast and will double triple the price over night when the time comes, too many people are holding money for that moment but i do think the best time to buy is right now  and once that is done then you trolls will never see eth at $200 levels ever again.

Bitcoin does that normally but no one complains, the Block reward halves in every 210,000 blocks.
From 50BTC to 25BTC (from start to early stages) and the recently 12.5BTC reward didn't have a lot of "disinterest" issues to the miners.

However, Bitcoin miners are mostly ASIC farms versus Ethereum is mostly consists of GPU mining pools.
We'll see after the implementation but in my opinion, this reward reduction will not cause any major downside to the Ethereum community.
ETH miners will simply... 'disgusted' but will never quit.

It is hard to directly compare mining Bitcoin to Ethereum, as while it it true that the BTC block reward halves every 210,000 blocks at least every BTC in existence was mined by miners. Ethereum started out with around 72 million coins and has since added 30 million more through mining.

So while further ETH block reward reductions will indeed limit inflation, it cannot be compared to Bitcoin's situation as only a bit less than a third of the Ethereum in existence came from direct mining. So it really comes as no surprise that Ethereum does not really care about mining as most of the investment in the coin came from private hands versus Bitcoin's more open and public approach.

That is one of the reason why eth has to keep their investors happy, they are the ones holding the most eth, the ones crashing eth right now are the unhappy miners.

Yep!

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September 09, 2018, 12:01:38 PM
 #13

Is this about eth only or all coins with ethash algo?

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September 09, 2018, 12:09:19 PM
 #14

Casper protocol from Ethereum will make eth more competitive against bitcoin.

 this new protocol will reduce energy consumption for eth mining while the cost of energy to mine btc is about $1.500.000.000 per year.
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September 09, 2018, 02:01:17 PM
 #15

It could remain profitable after the block reward reduction but the price should increase at 400-500$ levels. Otherwise it's over for ETH gpu mining, it will be mined only by asic miners with access to really cheap electricity. BTW I dont see what the big deal is, there are plenty other ethash coins out there to mine.

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September 09, 2018, 02:41:10 PM
 #16

mybe ETH will recover it's value during the year. It's a shame, what they decided to do.

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September 09, 2018, 03:06:30 PM
 #17

such a doom and gloom post.

profits will diminish.

the difficulty bomb has begun to take effect, so you can expect at least 10% faster blocks (2 second average) after fork.

plus due to the diminished block reward some farms hanging in the balance will be closing shop and selling their wares.

there are plenty of markets that will still be profitable with gpu's and E3's.

we're all on borrowed time anyways casper's POS was assumed implemented in full this time last year..

there is always classic for the holdouts if they care to adjust their philosophy to match where the money flows.

the block halving comment was interesting but its generally in 2-3 year intervals.. and dictated from genesis block. this is a bit more contreversial as the devs have some back and forth to decide how to move forward.

I like the decision, and I mine. its inportant not have have all your eggs in one basket as well as understanding perspective of the big picture.

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September 09, 2018, 03:16:47 PM
 #18

It could remain profitable after the block reward reduction but the price should increase at 400-500$ levels. Otherwise it's over for ETH gpu mining, it will be mined only by asic miners with access to really cheap electricity. BTW I dont see what the big deal is, there are plenty other ethash coins out there to mine.

You'll see the effect by the end of the year Cheesy

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September 09, 2018, 03:26:17 PM
 #19

This decision has made me despise eth, i'm enjoying shorting it hope it burns.  

I'm not too knowable on the tech behind eth but wouldn't it make sense to make scale better then be fixated on POS and screwing miners?  The least they should do is change the algo and kick off the asics.

Seems like no one other than GPU miners and proponents of it understand that ASICs in this current market are simply bad. Bitmain has riddled the ecosystem with holes and pushed their BCH agenda massively . .

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September 09, 2018, 04:04:03 PM
 #20

Golden Rule:

He who has the gold makes the rules.

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